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15 July 11:09 AM ADES Holding secures $3bn dual-currency debt facility from local, regional listed entities
Riyadh – Mubasher: Oil and gas drilling services provider ADES Holding Company has amended its existing syndicated facility, obtaining an additional $3 billion multi-tranche dual-currency financing on 14 July 2024. The majority of existing lenders …
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11 July 10:10 AM Stride Ventures makes 1st GCC investment of $1m in Maalexi
Riyadh – Mubasher: Stride Ventures, a global venture debt firm from India, marked a key milestone in its international strategy by announcing its first $1 million venture debt investment in Maalexi as part of a broader GCC commitment. The funding …
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8 July 12:54 PM NBK seals 5-year deal to deploy Super iPaaS solution in Middle East
Mubasher: The National Bank of Kuwait (NBK) has entered into a five-year strategic partnership agreement with Software AG, a leading technology solutions company, to utilise its Super iPaaS solution as a unified platform for integrating …
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4 July 04:53 PM Mastercard, LuLu Group partner to foster sustainability in GCC’s retail payments
UAE - Mubasher: Mastercard has entered into a partnership with the UAE-based LuLu Group to boost sustainability, innovation, and efficiency in retail payments across the six GCC markets. The partnership, extending across Bahrain, Kuwait, Oman, …
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27 June 04:01 PM Newgen Software introduces personalised AI-powered platform for Middle Eastern banks
UAE – Mubasher: Newgen Software, a global provider of low-code digital transformation platforms, has launched generative AI-powered hyper-personalisation platform LumYn in the Middle East. LumYn is tailored for the banking sector and is set to …
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26 June 02:29 PM Egypt's Connect Money secures $8m in seed funding to expand in North Africa
Cairo – Mubasher: Egypt-based fintech company Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures. The new funding will support Connect Money's plans to introduce five new business verticals in …
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26 June 02:20 PM Mashreq Bank expands global footprint via partnership with Oracle
Dubai – Mubasher: Mashreq Bank has extended its partnership with Oracle Financial Services to back its growth plans worldwide, according to a press release. The lender will replace its core systems with Oracle solutions to streamline and enhance …
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23 June 04:13 PM ADIB unveils strategic partnership with DIFC Innovation Hub for fintech growth in region
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has entered into a strategic collaboration with DIFC Innovation Hub to fast-track fintech adoption in the region. The UAE’s DIFC Innovation Hub is home to more than 700 growth-stage tech firms …
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20 June 06:54 PM Commercial Bank of Dubai joins Emirates Development Bank to facilitate international trade
Dubai – Mubasher: The listed Commercial Bank of Dubai (CBD) has teamed up with Emirates Development Bank (EDB) through a strategic partnership to enhance and facilitate international trade services, according to a press release. The collaboration …
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19 June 03:08 PM National Bank of Egypt signs $1bn syndicated loan; regional, international entities partake -Update
Cairo – Mubasher: The National Bank of Egypt (NBE) has announced, on 19 June 2024, the successful signing of a $1 billion senior unsecured syndicated term loan facility in which several regional and global financial institutions participated. The …
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13 June 08:47 AM US Fed maintains interest rates amid uncertain outlook
Mubasher: The US Federal Reserve (Fed) left interest rates unchanged, signalling it will not pull back until seeing sustained progress lowering inflation from multi-decade highs. The Federal Open Market Committee (FOMC) has maintained the target …
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12 June 01:11 PM Emirates NBD, Citi roll out 24/7 USD Clearing service in Middle East
UAE- Mubasher: Emirates NBD has partnered with Citi to introduce a new USD cross-border clearing service in the Middle East. Emirates NBD will be the first bank to utilise Citi’s 24/7 USD Clearing service, offering round-the-clock cross-border …
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6 June 02:37 PM Saudi Arabia, UAE, Egypt secure 92% of MENA’s VC funding in 2023 – Report
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region during 2023, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year …
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4 June 01:56 PM TAQA completes financing of Juranah ISWR-1 project co-led by 4 lenders
Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA), Vision International Investment Company (Vision Invest), and Gulf Investment Corporation (GIC) closed the financing arrangements for the Juranah Independent Strategic Water Reservoir …
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28 May 01:43 PM Middle East named world's fastest-growing real-time payment market for 2nd year – Report
Mubasher: The Middle East ranked as the fastest-growing real-time payment market for the second consecutive year in 2023, according to the 2024 Prime Time for Real-Time report by ACI Worldwide and GlobalData. The region's real-time payment market …
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26 May 12:36 PM Egypt’s OneOrder raises $16m to expand into GCC region
Cairo – Mubasher: Egyptian logistics solution company OneOrder has raised $16 million in equity and debt in a Series A funding round. The funding is aimed at enabling the company to expand into the GCC region in autumn 2024, build up financing …
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23 May 03:56 PM Goldman Sachs reportedly becomes 1st Wall Street bank with Saudi HQ licence
Riyadh – Mubasher: Goldman Sachs Group Incorporation became the first Wall Street bank to establish a Middle Eastern headquarters (HQ) in Saudi Arabia, according to Bloomberg. Goldman obtained a licence from the Saudi Ministry of Investment (MISA) …
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8 May 02:11 PM Mastercard restructures leadership roles in MENA
Riyadh - Mubasher: Payments giant Mastercard announced restructuring its regional operations, appointing new division leaders as it aims to step up growth across the Middle East and North Africa (MENA). This initiative forms part of the company's …
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9 April 04:04 PM Saudi Arabia leads Forbes list of “Most Valuable Banks”
Mubasher: Forbes Middle East has revealed its ‘30 Most Valuable Banks’ ranking, with Saudi Arabia leading the list via 10 entries at an aggregated market value of $279.50 billion. As of 23 February 2024, the 30 banks had a combined value of …
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7 April 01:12 PM Gulf banks could benefit from macroeconomic shift in Turkiye – Fitch Ratings
Mubasher: Potential macroeconomic changes in Turkiye are set to benefit subsidiaries of GCC-based banks in the country. A disinflation in Turkiye is set to cut GCC banks’ net losses and the decelerated devaluation of the lira is expected to reduce …
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3 April 12:40 PM FAB partners with Microsoft to boost financial services globally
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) and Microsoft teamed up to develop new AI-based banking capabilities and bolster financial services, according to a press release. The two entities will partner to launch an AI Innovation Hub that …
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1 April 12:33 PM Emirates NBD Capital leads Lenovo's debut facility in Middle East
Dubai – Mubasher: Emirates NBD Capital, the investment banking arm of Emirates NBD, has arranged a $500 million syndicated revolving credit facility (RCF) for Lenovo Group Limited. The facility marks Lenovo's first entry into the Middle East …
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7 March 06:46 PM FAB forges extensive global partnership with Mastercard
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has entered an exclusive long-term global partnership with Mastercard. The landmark agreement encompasses four key markets – the UAE, Saudi Arabia, Oman, and Egypt – and aims to strengthen the …
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21 February 08:36 PM SCMF 2024 marks launch of Single Stock Options contracts on SNB
Riyadh – Mubasher: The third edition of the Saudi Capital Market Forum (SCMF) has witnessed the successful rollout of Single Stock Options (SSOs) contracts on the Saudi National Bank (SNB). The debut of SSOs on the SNB is expected to empower both …
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31 January 09:50 AM Standard Chartered launches business in Egypt to boost MENA presence
 Cairo – Mubasher: Standard Chartered officially began operating in Egypt after receiving final approval from the Central Bank of Egypt (CBE) to anchor its footprint in the MENA region, according to a press release. In line with Egypt’s 2030 …